buying the lease on a lock up business

curlyperm | 14:36 Tue 22nd May 2007 | Business & Finance

3 Answers

i am about to buy the 20 year lease on a lock up takeaway shop, and my solicitor tells me that if i sign a 20 yr lease, and say.... after 5 or 6 years i want to sell, and the person that buys it off me doesnt fulfill his obligations regarding payemt of the rent, that its MY responsiblity, and that i must cough up if they dont? I have NEVER heard of this and it sounds bizarre i just wondered if anyone knew, cos i have expressed my concerns to my solictor but he assures me this is correct? ASAP and TIA xx

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HelpfulHarry

YES - you will find this is correct.

curlyperm

Question Author

: ( thought so and thanks and have decided to go for a 5 year lease to be on the safeside x

buildersmate

Its because you are agreeing to take a 20 year commitment. If you then decide to do something else (like re-assign the lease elsewhere), that's your look-out.

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